Nigeria, Aug. 4 -- With Citi predicting prices could soar to $3,500 per ounce within the next three months, the global gold market is bracing for a historic rally.

The NewsChroniclehas learnt that this new estimate represents a major rise from the bank's earlier forecast of $3,300 and comes against increasing indications of economic problems in the United States, persistent inflation pressures, and rising geopolitical instability.

Citi analysts also increased their anticipated trading range for the precious metal, now expecting it to fluctuate between $3,300 and $3,600 in the near term, compared to the previously expected band of $3,100 to $3,500.

The bank's most recent market update claims that investor mood back toward gold is being ...